1 Merge up, merge down, merge laterally, or just merge out? Selling an Accounting Practice By Joel Sinkin What do you have to contemplate when the time comes to sell your accounting practice? Among other things, the author discusses personal considerations, transition problems, how to choose a successor (the buyer), and structuring the transfer. The seller must know at least as much about the purchaser as the purchaser knows about the seller. By the time their clients are five to 10 years from retiring, most accountants have already reviewed and assisted in working out their financial and continuity needs, including possible future mergers or sales of the businesses. Many accounting firm owners with only five years to retirement, however, may not have not yet established a successor, either within or outside the organization. The answer, of course, is for the sole proprietor or accounting firm to give careful thought and planning to the succession of the practice. The practice may have taken many years of hard work and quality service to establish. It probably is expected to be the source of income in retirement years, either through the form of periodic payments or as a lump sum from a successor. In any event, maximizing the benefit from the practice will depend upon the successful transfer of clients to another practitioner--either future partners or a purchaser of the practice. Both the transferring firm and the successor firm will want a successful transition. Clients that are lost in the transition will usually reduce the payout to the retiring party as well as being a dampener to making future deals by the successor firm. Ownership transitions are difficult. How to prepare for and maintain continuity, especially when egos as well as dollars are at risk, is indeed a major question. Considerations When Selling a Practice The single most important concern to selling or transferring a practice is the likelihood that the clients of the transferring practitioner will remain with the successor firm. Without the prospects of continuity, there can be no viable transfer. Although many variables come together in deciding when and how to sell a practice to reasonably assure
2 a successful transition, there are some that have greater impact than others. For purposes of the discussion, the transferor will be referred to as the seller, even though the client service may be assumed by another in a merger or by the formation of a new partnership. Time and Client Comfort. The more frequently a practitioner usually services or communicates with its clients, the easier and more quickly a transition can take place. If a client is visited monthly, within just one calendar year, the seller and his successor should have ample opportunity to execute a proper transition. For example, during the first quarter, the seller and his successor could visit the client together. The next several visits they can alternate between the successor alone and the two together. By the last quarter, the successor should be able to go alone with the seller making an occasional follow-up by telephone. If the seller generally sees clients on an annual basis, such as to prepare tax returns or prepare a year-end financial statement, it may take several years for clients to see the seller and successor together often enough to create a comfort level. In this type of practice, the time to put a transition plan in place is several years before the seller's actual or full retirement. Aside from the number of visits, consideration must be given to the relationship between the seller and the clients and the level of services performed some work is so involved it may very well take additional time for an effective and lasting transition. While some clients may be visited infrequently, the practitioner and the client may be in constant communication by telephone. After an initial personal introduction, the important thing is to get the successor involved in these communications. In the beginning, conference calls including the successor, can provide the answer. The successor should solo as soon as possible, however. If the seller's staff has an abundance of client contact, the seller may not be needed for as long a transition. In many instances, the staff can be of greater value with certain clients then the seller. If that is the case, it will be important for the successor to continue to employ key staff that have developed the confidence of clients. Desire or Willingness to Continue Working. This is a personal decision, affecting not only when to sell, but to whom. If a seller wants to continue working full time or even part time while a successor is put in place, he or she may have to consider successors with their own self-sustaining practices. The seller might merge with such a successor early on, in order to promote the image of greater continuity without immediately reducing workload or income. In this type of merger, a merger out (a euphemism for sale), practitioners generally phase out over a given or contractual period of time. They merge with their successor and gradually shift from full time to part time and then perhaps to consultant status. By affiliating with a successor who has a self-sustaining practice, the seller need not subsidize the successor or change his or her immediate lifestyle.
3 If a practitioner wants next tax season to be the last one with a full-time role, a successor should be in place by May or June of the preceding year! Most practitioners have a percentage of clients that they see only during tax season. In the "perfect world," clients should see the seller and successor working together for, at least, some period of time. By the time the seller's clients realize that he or she is phasing out, the successor will have had ample opportunity to prove his or her own competency. If the successor is in possession of the client records and the seller remains a consultant to the practice, the successor will most likely have to mess up to lose the clients. Upcoming Investments. What if a seller is close to considering a sale or merger but anticipates the need for a significant investment that may affect the timing of the sale process? Investments might include lease renewals, computer upgrades, or a new phone system. Any of these could accelerate the desire to consider an affiliation eventually leading to a sale or just a "plain vanilla" sale. For example, if within the next year, a practitioner is considering some form of transition, why should he or she commit to an investment now? Remedying some of the needs or problems may represent nonrecoverable additional costs that may be addressed by the existing resources of a buyer. Staffing. Can staffing affect when to sell or merge? Absolutely! The loss, by a sole practitioner considering retirement, of a manager or strong senior may be a triggering point to contemplate the sale or merger, up, down, or out. On the other hand, such an event could lead the practitioner to bring in an individual, not only to fill the current void, but to be the ultimate successor. Why should a practitioner hire, train, and work with a new employee without this potential if the plan is to start moving forward soon with some form of transition? Choosing a Successor The purchaser or successor to an accounting practice should make a careful review of the practice being transferred. That review should include careful scrutiny of the clients from a business and professional point of view. In effect, the purchaser must also perform client acceptance procedures on all the clients that may be a part of the practice. The seller or transferor of the practice must also perform due diligence in order to protect him- or herself. This means the seller must take a hard and objective look at the prospective successors--the people and their practices--and determine whether they can accomplish a successful transition. The seller must, among other things, thoroughly examine the following: Types of Services Provided. If, for example, the seller has an audit-oriented practice, then the successor firm must have been peer reviewed and possess the resources to accommodate efficient and effective audits. If the audits are of public companies or are required by lending institutions, the successor must be appropriately acceptable. If,
4 however, the audits are of more modest companies, e.g., small co-ops, smaller not-forprofits, etc., the size or resources of the successor firm may not be an issue of the same magnitude. If the seller, for the most part, provides write-up and tax services primarily to small business units, the practice would reasonably require a smaller successor firm already geared up for those types of accounting services. Size. A sole practitioner with a $50K to $150K write-up/tax practice may have difficulty transferring the practice to a significantly larger, say a 20-person, firm. If the seller's clients are used to having "their accountant" personally visit and spend time servicing the account monthly, it is unlikely that a larger firm partner would be available to perform those same services. More likely, a staff member would do the work, to be reviewed back in the office. Periodically, the work might be reviewed in the field, giving the partner some opportunity to "hold the client's hand" but certainly not as much as their accountant--the present sole practitioner. The billing rates of larger firm partners rarely allow them to personally visit the "card-and-gift-store owner" who pays $300 per month. If the practice of the selling firm is very much the work of the practitioner or partners, with very little staff involvement, the successor firm should be structured to deliver the same kind or level of service. A common failing in a transfer is to have low level, experienced staff servicing a client that was used to having the owner/practitioner do the work, something that he or she had been doing for years. The prevailing concept should be, "Find a firm that offers the greatest amount of continuity." Clients used to dealing with partners are rarely comfortable with transition to a new firm that starts out by sending lower level personnel. Billing Rates. A successor's billing rates should be similar to avoid serious fee adjustments. Clients are fee sensitive, and most would be very reluctant to experience not only a change in personnel but also an increase in fees. Large disparities in fee structure are very difficult to make up, if at all. Location. Does the seller have a "go to" practice--does the seller visit the clients? If so, providing the successor firm has or creates a local telephone exchange, a new office location is relatively unimportant. Should a practitioner have a "come to" practice, this frequently necessitates that the successor have, set up, or take over the seller's identity, at least for some period of time, in order to solidify the transition. Many practices are a combination of go to and come to. This requires additional thought regarding the importance of location. For example, most individual tax clients are very location sensitive. If the practice has a significant percentage of such clients, location plays a more important role. Business clients are generally very receptive to, if not insistent on, having their accountants come to their place of business vis-à-vis going to an accountant's office. In this case, the successor's location may play a less sensitive role.
5 Practices that receive all their work by mail, messenger, or modem, are obviously less location sensitive. Even so, the successor firm should set up a local phone number to create a sense of being close. Regardless of practice type, creating a sense of location continuity, at least during the transition, is important even if it calls for working out of two separate offices for a short time. Specialties or Niche Practices. Some practices have groups of clients in the same business, e.g., they may be in construction, health care, real estate, or litigation support, to name a few. Even if the seller has only a limited number of clients in a specialty, the retention of that group mandates that the successor has the ability and necessary resources to service those clients. Professional Credentials. Sellers should verify that successors--the purchasers of their practices--are CPA firms, peer or quality reviewed, up to date on CPE, and have no reported ethical problems. Where appropriate, documentation should be obtained. Buyer's Client Retention Record. A successor's ability to retain clients in the past will undoubtedly affect future retention of a seller's current clients. And continuity will probably affect the contractual obligation for paying the seller, at least in part. The seller should have the opportunity to examine client work papers, client lists, and other pertinent records of any proposed successor. He or she will not only be able to get a better look at professional abilities and competence but also gain insight into specific industry skills and experience. This "examination" will also help answer the very important question: Will this purchaser have a good shot at retaining the clients and paying the seller out? Successor's Financial Records. Many accountants help to assure that their clients keep organized and proper records, but subscribe to the adage about "the shoemakers' children" when it comes to their own records. Sellers should seek assurance that buyers maintain appropriate and perhaps even separate records to enable verification of their financial due. Financial Review. In order to attain an additional level of comfort as to a successor's ability to meet the financial obligation of the client transfer, the seller should obtain relevant reports from sources such as TRW and Dunn & Bradstreet. Chemistry. The most important consideration for a seller, when selecting a buyer, should be "chemistry." The vast majority of accounting clients, especially smaller ones, have little insight into the technical abilities of their accountants. Clients know their accountants, generally like them, but most of all feel comfortable with them; therefore, he or she is their accountant a good accountant!
6 Clients will stay with the successor firm long-term if they can be made to feel the same way about the successor as they do for the seller. If sellers are comfortable on a "peopleto-people basis" with their successors, hopefully their clients will be too. There are enough difficulties in retaining clients during and after a transition without personality differences and conflict being apparent between the principals. If the buyer and seller get along, it is often a good sign that the buyer and clients will, too! Structuring the Transfer Of the Practice What are some of the ways to structure transitions from one firm to another? The answer to this question has great impact on the success of any move. Consider the following: Merger Contract with Buy-Out. The seller and successor merge their practices with a future buy-out, the detailed terms stipulated, signed, sealed, and delivered up front, creating an affiliation starting an appropriate time before the seller's retirement. Not only does this allow for a stronger, more comfortable transition of the client base, but in the event of the seller's death, permanent or temporary disability, back-up is already in place. The seller may also be the beneficiary of increased technology and support, to better service clients until the eventual buy-out. While the buy-out can be done in stages, it is important to have it in place in advance. Neither party wants to wake up three years after initiation of the merger and realize that one or the other cannot agree on the next step of the buy-out or how to structure it. An agreement that details the entire process should be acknowledged prior to establishing any affiliation. Sale with a Consulting Agreement. Selling a practice with a continuing consulting agreement can give the seller many features of a buy-out without the liability exposure of continuing as a partner. The greater the possibility of increased exposure to the seller, the more this arrangement may make sense. While a consulting agreement is obviously for the purpose of an orderly transition, i.e., giving the clients an opportunity to get accustomed to the change, it should not be announced to the seller's client base up front as a "done deal." Sale Transition Gone. This is probably how most smaller practitioners sell their practices. The successor acquires the equity from the seller and a transition of some sort follows. The key to making this effective is the transition; there is always a need for the clients being transferred to get as comfortable as possible with the new firm. In some client transitions, the first time many clients really understand what is happening is with the arrival of a letter announcing the new arrangement. The envelope would probably have the seller's firm name and address, ensuring that the envelope will be opened, read, and just not junked, as just another firm's marketing piece.
7 The letter must also stress continuity to the clients wherever possible, e.g., the person they always trusted (the seller and perhaps staff) will be part of the new organization; the fee structure will remain the same; and, the new firm will remain geographically sensitive. Most of transfers at least start with the appearance of an affiliation, not a sale. While people, per se, cannot be bought and sold, client retention can still be amazingly effective with a proper transition. * Joel Sinkin is a partner in Accounting Transition Advisors, LLC., a consulting firm that specializes in mergers and acquisitions of public accounting practices. He can be reached via at or toll free at
PASSING THE TORCH How to plan for a successful succession KEY TAKEAWAYS Having a succession plan in place is vital to the ongoing success and potentially to the near-term growth of your practice. You can
SUCCESSION PLANNING/BUSINESS VALUATION When a firm changes hands, a satisfying deal for both buyer and seller is in the trade-off details. Price Equals Value Plus Terms REPRINTED WITH PERMISSION FROM THE
Succession Planning Valuing Partner Equity in Larger Firms By Joel Sinkin and Terrence Putney What are firms going for these days? That is the first question we hear from a firm when addressing succession
Understanding Extended Reporting Periods or Tail Coverage Every firm has a life-cycle; professionals leave firms to practice individually or to join another firm. A firm might dissolve as a business entity.
How to Assess Your Financial Planning and Loan Proposals By BizMove Management Training Institute Other free books by BizMove that may interest you: Free starting a business books Free management skills
Business Succession Planning with Key Person Coverage and Buy-Sell Agreements Program Highlights & Fact Finder You put maximum effort into establishing and running your business. But are you taking the
Business Su c c e s s i o n Pl a n n i n g w i t h Key Pe r s o n Co v e r a g e and Buy-Sell Agreements Program Highlights & Fact Finder You put maximum effort into establishing and running your business.
2015 CPA Firm Succession Planning The Challenges Ahead The overall outlook by CPAs of the national economy continues to improve, according to recent AICPA studies, and CPA firms are anxious to help their
The Insider s Guide to Leasing Table of Contents 1 The Power of Leasing 2 The 11 Advantages of Leasing 4 Cash Flow & Credit 6 Upgrading & Adding Equipment 7 Tax & Reporting Advantages 8 The Three Types
Chapter 5: Buying a Practice Where To Go To begin the process of buying a practice, be sure to consider the following potential sources of information: dental schools; dental societies; professional journals;
Succession Planning for Small Business Owners, Part 1: Thinking Ahead With the Big Picture In Mind Dave Pullin Succession Planning for Small Business Owners, Part 1: Thinking Ahead With the Big Picture
Succession Planning: Buying or Selling a Practice Jessica M. Jensen Jerrie L. Paine Carmen R. Rowe 2604 12 th Court SW, Suite B Olympia, Washington 98502 360-705-1335 www.jessicajensenlaw.com Succession
PKF Carr & Stanton fastgrowth Challenges for growing small businesses Why you should hire an accountant? January 2016 Why you should hire an accountant Accountants can help out at various stages during
RECORD KEEPING Objectives Northern Initiatives is committed to entrepreneurs like you, because you are the people who are creating jobs and enabling the communities of our region to thrive. After completing
Protect your business and shape your future. Top 10 questions for business owners. What is the sign of a good decision? Clarifying what you want to achieve in your life, what you care most about, and how
Understanding Your Claims-Made Professional Liability Insurance Policy by Paul Dorroh and Mary E. Whisenand Introduction Until the 1970s, almost all liability insurance policies, including professional
Chapter 15: Selling a Business: Asset vs. The purchase price of a business can depend on whether or not the sale is a stock or asset sale. For corporations, sellers always want to sell stock, while buyers
EXECUTIVE BRIEF 10Major Steps in The Process of Selling a Business 1 About Kaulkin Ginsberg Since 1991, Kaulkin Ginsberg has provided value-add strategic advisory services tailored specifically to outsourced
Ipx!up!hfu!uif Dsfeju!zpv!Eftfswf Credit is the lifeblood of South Louisiana business, especially for the smaller firm. It helps the small business owner get started, obtain equipment, build inventory,
WILLIAM C. STALEY, ATTORNEY BUY-SELL AGREEMENT CHECKLIST This checklist has three purposes: To acquaint you, as the shareholder of a closely-held business, with key choices that you should consider for
Getting More From Your Actuarial Analysis For Companies Retaining Property/Casualty Insurance Risks PwC 1 Introduction Many companies retain property/casualty insurance (P&C) risks, such as workers' compensation,
How to Obtain Surety Bonds An Introduction to Contract Surety Bonding for Contractors How to Obtain Surety Bonds: An introduction to contract surety bonding for contractors Federal, state, and local governments
For Questions Regarding this List Contact: BANISTER FINANCIAL, INC. 1338 Harding Place, Suite 200, Charlotte, NC 28204 Fax: (704) 334-5770 Web Site: www.businessvalue.com Contacts: George B. Hawkins, ASA,
Small Business Exit Strategy How to get out, when its time to get out Learning Objectives At the end of this module, you will be able to: Identify business exit strategy options, including various selling
Concannon Wealth Management 1525 Valley Center Parkway Suite 310 Bethlehem, PA 18017 610-814-2474 www.cwm.us.com Family Business Succession Planning June 01, 2013 Page 1 of 9, see disclaimer on final page
WHITE PAPER How to Maximize the Value When Selling Your Management Company INSIDE THIS REPORT Rational for Selling Management Company Valuation Acquisition Deal Structure Tips to Optimize Your Exit Value
BUSINESS VALUATION QUESTIONNAIRE The responses to the questions contained in this questionnaire will be used in our valuation analysis. As such, please provide as much detail in your responses as possible.
How to Obtain Surety Bonds An introduction to contract surety bonding for contractors. Federal, state, and local governments require surety bonds in order to manage risk on construction projects and protect
13 Essential Steps to Purchasing or Selling Your Dental Practice The attorneys on the Dental Practice team of Mandelbaum Salsburg, led by William Barrett, have represented many dentists and dental specialists
Executive Summary This Executive Summary is part of McGladrey s A Guide to Accounting for Business Combinations and should be read in conjunction with that guide. Introduction The current guidance on accounting
Columbus Metropolitan Library Foundation Gift Acceptance Policy Introduction Columbus Metropolitan Library Foundation (the Foundation ) is an organization recognized as exempt from federal income taxation
How to Obtain Headquarters: 39 North Duke Street / P.O. Box 1728 / Lancaster, PA 17608 www.murrayins.com 717-397-9600 In 1930, Paul G. Murray arranged the bond for the Veterans Memorial Bridge, the world
Performance and Payment Bonds Submission Requirements 1) Request for Performance and Payment Bonds. (Forms attached for your convenience, please return only with a Performance and or Payment Bond Request.
Hiring or Becoming an Associate Are you ready to expand your practice? or Are you looking for an associate position? TABLE OF CONTENTS Introduction Hiring an Associate Becoming an Associate Interviewing
A Guide for Business Owners MassMutual Business Owner Perspectives Study Women s Insights Contents 2 Start-up stage Reasons for owning a business Sources of business financing Views on managing finances
Chapter 19 Georgia Law for the Real Estate Sales Contract INTRODUCTION As discussed in the previous chapter, one of the most important requirements of a real estate sales contract is that it must be "definite
Real Estate Council of British Columbia Selling a Home IN BRITISH COLUMBIA WWW. RECBC. CA The Real Estate Council of British Columbia protects the public interest by assuring the competency of real estate
A Technical Guide for Individuals The Whole Story Understanding the features and benefits of whole life insurance Insurance Strategies Contents 1 Insurance for Your Lifetime 3 How Does Whole Life Insurance
Business Planning With Life and Disability Insurance Speaker: Eddie Sussmann, Leading Edge Disability Center www.disabilitycenter.com For producer information and education only. Not for use with the general
A Management Report 7 STEPS to INCREASE the RETURN on YOUR BUSINESS DEVELOPMENT INVESTMENT & INCREASE REVENUES THROUGH IMPROVED ANALYSIS and SALES MANAGEMENT Prepared by: 2014 Integrated Management Services
John Keel, CPA State Auditor An Audit Report on The Department of Information Resources and the Consolidation of the State s Data Centers Report No. 08-038 An Audit Report on The Department of Information
Insurance Protecting your family with insurance: How RBC Royal Bank can help At RBC Royal Bank, we know that you ve worked hard to get here and build a new life. Insurance helps protect what you have from
FAQs on Cost-Basis Reporting for Brokers The IRS published a list of Frequently Asked Questions on the new expanded tax reporting requirement for brokers which include reporting their customer s tax basis
ADVISOR PLANNING CONCEPTS Buy Sell For Business Owners One of the major concerns facing owners of family or closely held businesses is how to effect an orderly transfer of the business to the next generation
How to Select & Make the Most Effective Use Of a Hospitality Consultant By Jeff Coy Consultant meets client. Consultant and client find they need each other. Consultant makes a proposal to client. Client
Demystifying succession in a consulting engineering firm Make transitioning your equity a smooth and painless process CONTENTS Succession is a complex process... 4 Traditional succession plans they may
Insurance Planning One financial aspects of partnership is insurance 1. Disability insurance 2. Life insurance 3. Professional liability insurance Your law firm may have an established insurance package,
22. Planning for the Owner of a Closely-Held Business If you own a business, or part of one, nobody has to tell you what a struggle it was to get it started and how much work it takes to keep it going.
Purpose of Medical Records: GUIDELINE No. 117 THE PHYSICIAN MEDICAL RECORD* The physician s medical record is a reflection of the interaction between a physician and a patient. For each interaction the
Venture Leasing: The Other Venture Capital By Jay Hollander Summary: "Venture leasing" is a creative vehicle that allows start-up companies to finance certain infrastructure and equipment needs. The practice
Prospecting in the Business Planning Market LIFE-5663-Prospecting 02/16 For agent use only. This material may not be used with the public. WHAT IS PROSPECTING? In simplest terms, prospecting is all about
TERM OR PERMANENT LIFE INSURANCE WHICH OPTION IS RIGHT FOR YOU? It s the age-old life insurance question: Should you buy term or permanent life insurance? Some personal finance experts would have you believe
Should You Outsource Your Email? By: Brien M. Posey According to a recent study by Symantec and Gartner (http://www.itworld.com /Webcasts /bytopic/3/index.html), most companies consider email to be a mission
T e T c e h c n h n i i c a l l B B r i r e i f e i n f g i n g Using Life Assurance to Mitigate Inheritance Tax Most of us use insurance policies in a variety of ways, to protect ourselves against the
BEWARE OF THE URGE TO MERGE Lawyers and insurance agents and brokers often share a similar belief that bigger is better. The first question a lawyer often asks upon meeting another lawyer is How many lawyers
R.J. Augustine and Associates, Ltd., CPA s Innovative Paths to Your Financial Future Success At R.J. Augustine, your success is our success. Understanding your business is our first priority, and we are
Hel p i n g Se n i o r s Ac c e s s Hid d e n We a lt h Thr o u g h Li f e Se t t l e m e n t s. Our proprietary approach maximizes the value of seniors insurability. If you re one of the fortunate few
Transforming Your Company into a High-Value Business Executive Summary Whatever your goal a complete exit from your company or the sale of some of your accounts to take cash out of your business, obtain
Firm Name Team Name (if one) CPA Planner Name, Credentials Title Street Address City, NY 13160 Phone number xext # Alternate phone # firstname.lastname@example.org website URL Family Business Succession Planning Presentations
Presented by: Petersen International Underwriters A Lloyd s Coverholder Small businesses and large businesses are affected by the loss of a business owner s expertise, talents, prestige, and leadership.
Financial Guidelines for Long-Term Care Home Licensing Applications Performance Improvement and Compliance Branch, Ministry of Health and Long-Term Care Revised: June 2015 Table of Contents Introduction...
BUYING AND SELLING A BUSINESS Joanne M. Murray, Esquire Antheil Maslow & MacMinn, LLP 131 West State Street Doylestown, PA 18901 215-230-7500 Telephone 215-230-7796 Facsimile BUCKS COUNTY BAR ASSOCIATION
CPA FIRM PARTNER RETIREMENT/ BUYOUT PLANS Marc Rosenberg, CPA All rights reserved. These materials may not be reproduced or distributed to any other person without written permission from The Rosenberg
Understanding a Firm s Different Financing Options A Closer Look at Equity vs. Debt Financing Options: A Closer Look at Equity vs. Debt Business owners who seek financing face a fundamental choice: should
White Paper Life Insurance Coverage on a Key Employee www.selectportfolio.com Toll Free 800.445.9822 Tel 949.975.7900 Fax 949.900.8181 Securities offered through Securities Equity Group Member FINRA, SIPC,
10.01: General Provisions 10.02: Definitions 10.03: Employer HIRD Form 10.04: Employee HIRD Form 10.05: Other Provisions 10.01: General Provisions Scope and Purpose. 956 CMR 10.00 governs the filing requirements
Buy-Sell s At a glance The continuity of a business from one generation to another or from one partner to another in case of death, disability or separation is an important factor in the life of a business.
Comprehensive Financial Planning Services Agreement Client A s Name Client B s Name Date Signed This agreement is entered into as of the day of, 20 by and between Amicus Financial Advisors, LLP ( Amicus
Bank of America Merrill Lynch White Paper Mapping Financial Planning to Exit Strategies As your business changes, your exit strategy should change with it. And planning should start now. Executive summary
KEY GUIDE Financial protection for you and your family Protecting what matters most Life and health insurance protection underpins most good financial planning. These types of insurance can ensure that
A Technical Overview for Clients and their Advisors MassMutual Whole Life Insurance The product design and pricing process Contents 1 Foreword 2 A Brief History of Whole Life Insurance 3 Whole Life Basics
Protect your business and preserve your legacy. The 10 questions every business owner should consider. Our top ten questions and answers While there are many Top Ten Questions lists published in the financial
ChoicePay PAYROLL Service Agreement Company DBA: Company Legal Name: Company Federal EIN: Company State Unemployment ID Number: Company is A: Sole Proprietorship Limited Partnership General Partnership
Transferring Your Company to Key Employees White Paper Owners wishing to sell their businesses to management (key employees) face one unpleasant fact: their employees have no money. Nor can they borrow
An In-depth Review of Buy-Sell Agreements and the Important Role they Play in Succession Planning Dated: September 2014 The business interest is often the single largest asset of a closely-held business
Portfolio Media. Inc. 860 Broadway, 6th Floor New York, NY 10003 www.law360.com Phone: +1 646 783 7100 Fax: +1 646 783 7161 email@example.com How To Choose The Right Form Of Joint Venture Law360,
De-Mystifying the Complex World of Dental Practice Purchases and Sales: New Strategies to Accomplish Your Goals (Part 1 of 3 Part Series) By Law Offices of Barry H. Josselson, A Professional Law Corporation*
Chapter 9 UNDERSTANDING PRACTICE VALUATIONS The IRS has defined fair market value as the price at which property would change hands between a willing purchaser and a willing seller, neither being under
Business Transfer Issues Overview A will directs the disposition of your assets but, when you do not want to leave your business to your heirs, you may also need a business purchase agreement (also known
Buying or Selling a Law Firm in Pennsylvania Presented By Jennifer L. Ellis, Esq. Pennsylvania Bar Institute & Freedman Consulting, Inc. David A. Fitzsimons, Esq. Martson Law Offices Informed Consent PA
Insurance-Related Best Practices Guide for Buy-Sell Agreements The buy-sell agreement review and feedback process at the Principal Financial Group has allowed us to observe many different drafting approaches
Family Business Succession Planning Matthew S. Onstot Jason P. Wiltse Wealth Advisors 2400 86th Street, Unit 32 Urbandale, IA 50322 515-225-9500 515-537-5450 firstname.lastname@example.org email@example.com www.wilonwm.com
Very Smart People www.mms.co.uk August 2013 Evaluating Flood Risk: Buyers and Lenders www.mms.co.uk Index What is the concern? 1 Availability of Flood Insurance 1 Types of flooding 2 Flood risk assessment
Choosing the Right Entity for Maximum Tax Benefits for Your Construction Company Timely re-evaluation of choice of entity will enhance the shareholder value of your contractor client By Theran J. Welsh